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Builder’s risk insurance, also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings under construction. It’s essential in helping protect construction projects, but can be complex and often misunderstood. However, having a properly structured builder’s risk insurance policy can be crucial. In fact, it will serve as the backbone of a successful risk management program.
Builder’s risk insurance helps protect construction projects from property damage due to:
Who Needs Builder’s Risk Coverage?
Any person or company with a financial interest in the construction project needs builder’s risk insurance. Some common people who may want to purchase coverage are:
What Does Builder’s Risk Insurance Cover?
A builder’s risk insurance policy helps protect your construction projects from certain kinds of property damage. It can also help cover additional soft costs, or expenses not directly related to construction, if property damage causes a delay. This can include:
Builder’s risk policies also exclude damage that occurs after a project is finished. Once construction is complete, your coverage ends. At that point, you can get coverage that’s similar to builder’s risk insurance by purchasing, Business Property Insurance.
Give us a call (914) 693-3500 today to learn how we can protect what you value most!